So at the highest level of the state that it extinguishes the fire started in the summer by the Ministry of Economy and Finance in search of tax revenue. They would have liked to go back VAT on Pay Television from 5.5% to 19.5%. The sector enjoyed a far reduced rate by virtue of his substantial contribution towards the financing of entertainment and art.This 15% increase in VAT could bring almost 1 billion euros in state budget 450 million from one group Canal +, the first financier of French films and several tens of millions – we are talking about approximately 80 million euros – Numericable.

All last week, operators and the creation of the world have mobilized to protest measures that would have destabilized the entire system, far beyond the cinema alone. Indeed, retailers were planning to scale down the pay channels to the already fragile economy. Finally they also threatened to raise subscription prices, what influence the purchasing power of French pay-TV subscribers. Thus, on average, cable subscribers have seen their membership increase by 4 euros while subscribers to Canal + would have faced an increase of 6 euros.

According to sources close to the case interviewed by the newspaper, the transaction amounted to 3.2 billion euros. In 2009, sales of Cognis representing 2.6 billion euros and EBITDA was $ 364 million. On its website, the company states employ approximately 5,600 people and be present in thirty countries.

Originally, Cognis was a subsidiary of Henkel, resold in 2004 to 2.5 billion euros. In 2006, the efforts of its new owners to sell it failed. In recent years, the company split from two of its five subsidiaries.BASF has already bought in 2009 the Swiss Ciba for 3.8 billion euros to strengthen in the mill.

At this conference, Steve Jobs should focus on news and updates available for this new iPhone.But then again, few surprises in the program: the company had already submitted the software that will be applied to the iPhone 4 as she presented the platform iad, allowing Apple to develop the market for advertising applications.

According to analysts, a real surprise could come from the announcement of an extension of the exclusive sales of the iPhone to Verizon. So far, only AT & T can sell the unit on the U.S. market. But again, the mere announcement of talks with Verizon would not be a revelation: more rumors, sometimes belied by the operator to move the subject on the canvas for several weeks.

The product's most profitable brand

Although there is hardly any surprise about the iPhone 4, Apple knows that this presentation could take effect with the customer.The iPhone remains an undeniable success for the brand and the popularity continues unabated since its launch in 2007. In the first quarter, Apple said it had passed 8.7 million iPhones, representing a sales growth of 131% over a year.

The turnover of the phone is 5.4 billion dollars against 3.76 billion to $ 1.3 billion for Mac and iPod. The widening gap so quickly that observers now expects a gross margin of between 50% and 60% for iPhone cons 20-30% for Mac. In other words, the iPhone product line will be more profitable for Apple.

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Failure of growth. Treatments austerity that accompany the bailout of the countries of southern Europe are likely to weigh on growth prospects for the euro area, the lowest in the G20 in 2010 and 2011. The growth gap with the United States is widening. "The most marked signs of recovery in the U.S. favor the dollar. One can expect that the Federal Reserve increased rates before the European Central Bank, "said Clemente De Lucia, an economist at BNP Paribas.

Mistrust of state debts in southern Europe. Investors are getting rid of all debt of the euro area, primarily those of the South. They believe that risk still threatening debt restructuring Greek, and are wary of Spanish titles, Portuguese or Italian, considered less safe than before."In the whole euro area, debt maturities until 2013 are 2300 billion euros, three times the European stabilization plan," said Jean-Christophe Caffet, Natixis. "Previously, investors sold securities to buy Spanish or Portuguese to French or German debt. Today, they buy everything except the euro, "said the expert of Natixis. The markets took refuge on the dollar and gold.

Political doubts about the euro area. "There are doubts about the euro area as institution-building solidarity between Member States fiscal and monetary conservatism. It destabilizes markets that sell the euro, "said Gilles Moec, economist at Deutsche Bank. Purchases of debt by the ECB are freeloaders.

• The consequences of a devaluation

Boosting exports.The weaker euro restores mechanical competitiveness to European products. "A drop of 10% of the euro against other currencies, that is 2.5 points higher for exports, 0.5% more growth in the first year and 0.5% next year "said Jean-Christophe Caffet, Natixis. The effect should be stronger for Germany and Italy, whose volume of trade is more important outside the euro area as Spain or Portugal.

Rising oil prices. It's a risk, but it is content for now by the rising dollar. The oil exporting countries have no incentive to increase the price of a barrel in MECC, because they sell in dollars and buy in euros, an optimal configuration for them. Rising commodity prices depend on demand from emerging countries.

Resumption of inflation.The drop in euro adds the price of imported products, which can boost inflation in the long term. But in the short term, the euro area rather deflation risk, fueled by rising unemployment and austerity measures.

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The brown bean has been the stars of the markets in London and New Yorker last week. The tonne of cocoa for July delivery climbed to 2,350 pounds in London, its highest level since January 21 last. In New York, a ton for the same maturity has reached 3211 dollars, its best performance since February 1. Friday, prices were flirting with the same levels at 2336 pounds a ton on the Liffe, and 3186 dollars on the NYBOT.

The rebound by a recovery in global consumption of chocolate. The volume of cocoa stocks rose 16.17% in North America. Another factor in the rise: speculative buying. They returned in force in this market, driven by the potential of emerging countries including China.

In contrast, coffee prices fell, hit by rising dollar.The dollar rose Thursday to 1.3202 dollars per euro, its strongest level since April 2008, amid concerns Greek. On Liffe in London, the Robusta for July delivery was trading at around 1,325 dollars per tonne on Friday against 1385 dollars for the same term contract last Friday. On the NYBOT New York, he posted 131.60 cents 132.10 cents a pound against the pound last week.

From their side, wheat, corn and soybeans show a slightly more moderate increase than last week. Wheat finished 491.50 dollars on Friday in Chicago (2.24% on the week). A bushel of corn finished at $ 3.54 while that of soybeans ended 9.96 dollars on Friday in Chicago.

The plates still on top

As for precious metals, platinum rose to 1,754 dollars per ounce, a price he had not seen since July 2008.For its part, palladium reached 572 dollars per ounce, the highest since March 2008. Friday in London, an ounce of platinum finished 1725 against $ 1708 per ounce last Friday. The ounce of palladium finished at 555 dollars against 532 dollars a week earlier.

Gold however has continued to weaken. The courses have been affected by the case Goldman Sachs, like many other financial assets No fax pay day loan. On Monday, after the announcement of a prosecution for fraud by the SEC, gold has plunged to 1,124 dollars per ounce. The rising dollar has not helped to support markets.On the London Bullion Market, an ounce of gold ended at 1139.50 against 1151.50 dollars Friday dollars last Friday.

The ounce of silver followed gold ended down at 17.89 dollars Thursday.

Base metals: copper runs out of steam

Star of the market in recent weeks, copper has seen more difficult days this time by returning to below $ 8,000 per tonne, down over 2% in 5 days. The markets saw a dim view of the rising dollar.

Aluminum, which had hit its highest level since late September 2008 to 2494 dollars per ton during the Friday meeting, a cash drop of 6.5% over the week. According to analysts, the offer would be so abundant that China should become a net exporter of aluminum this year.

Nickel, which reached are higher in two years last Friday (27 595 dollars per ton) is decreased again.It was worth 26,930 dollars per tonne on Friday.

Oil boosted by good U.S. data

Oil ended sharply higher on Friday above 85 dollars a barrel. The contract on June U.S. light crude ended on an increase of 1.7%, to 85.12 dollars a barrel. For his part, Brent North Sea took 1.84% to 87.25 dollars.

"The very good statistics of new home sales was favorable to the crude," said Robert yawg, Vice President MF Global.Sales of new homes rebounded strongly in March to 26.9%, the fastest pace since April 1963, at 411,000 units annually against 324,000 in February, ending four straight months of declines.

Prices were also supported by rising demand in China and Greece's decision to engage the support mechanism of the European Union and the IMF.

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The group headed by Eric and Peugeot will be able to launch its capital increase of between EUR 45 and EUR 100 million, by August 31, 2010, according to a statement released Monday.

Announcing (end December 2009) the need to raise these funds, investors had reacted very badly on the stock market – securities Theolia have plunged over 15% in session – for fear of being heavily diluted.

But this capital increase is part of the agreement by Theolia with its major creditors to reduce its heavy debt cash advance america.

The group has negotiated to modify the terms of his contract issuance convertible bonds (bonds convertible into new or existing shares) amounting to 253 million euros.

In exchange for a lower conversion price of convertible bonds, and partial reimbursement of their immediate Theolia got its bondholders a reduction and an extension of its outstanding debt until 2015.The restructuring does not require launching a takeover offer.

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The Bill seeks end to "ensure responsible distribution of credit, creating additional obligations for industry (specialized institutions, supermarkets).As it stands, the full account and delete the "black spots" of revolving credit (also called renewable) often lead to debt for the most vulnerable households. The revolving loan indefinitely should no longer be allowed, Lagarde law limiting the repayment term (3 years for a credit less than EUR 5 000). Likewise, financial institutions will be forced to offer not just a revolving credit (average 16%) on sales premises. They will also make an alternative offer of personal loans (average rate of 7%). The ads "aggressive" will also disappear. New posters should be explicit and clearly mention the term credit. Exit therefore, the promises of "air cushion".The appropriation in which the consumer "in without the knowledge" in connection with the purchase of a loyalty card, and the "credit blind", without checking the creditworthiness of the customer will also be banned unsecured personal loans! ???!!!???!!!. The law also aims "to better help people with debt problems," Christine Lagarde said on Wednesday that will make new proposals to strengthen the fight against indebtedness.

The positive file divided

"In the future the consumer will certainly be better protected. But financial institutions will still be able to sell massive amounts of revolving credit, sorry Nicole Perez, National Director of the UFC-Que Choisir.For its part, the Afub said that "beyond these measures, it is certainly essential to note their failure to control a sustainable revolving loan and to fight against the danger of debt."

Overall, consumer groups have asked that the text should go further by imposing such a complete separation between loyalty cards and credit cards. The bill also proposed withdrawal of parliamentarians of all stripes, many calls for reform of the rate of wear (maximum interest rate close to 20%) and the creation of a positive file listing all loans to individuals. This latter issue has divided many years, consumer groups, credit institutions and politicians. Tuesday Cresus the Association Agreement and the bank have also called for the creation of a national credit.

In the Assembly, the passionate debates ahead. More than a hundred amendments have been tabled.

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At these fears including rising unemployment, compounded by the lack of property: 60% of potential purchasers can not find property they like. "Many owners receive their property from the market because falling prices have made conditions unfavorable to sellers," admits the Fnaim comprising 13,000 agencies. Only 11% of owners consider that the time is ripe to sell.

600,000 sales in 2010

Despite these very encouraging indicators, Rene Pallincourt, President Fnaim wants to believe. "The crisis is behind us, we are in the period of crisis," says he, adding that this period would be "more or less long. Counting on the sustainability of the tremor recorded in December 2009, he believes in a modest recovery in 2010 which confirmed in 2011.

"There will be no sharp rebound but with low interest rates, purchase conditions improved particularly for households with incomes of about 3,000 euros. More buyers have incorporated that prices will fall more and the period of speculation on the price decline is over, "explains Fnaim. For her, the prices will undergo changes from -3% to +3%, while the value of property in the affected employment areas or remote areas may still fall.

Rene Pallincourt remains optimistic and expects a global increase in sales in 2010. If estimated at 550,000 the total number of transactions in France in 2009, he expects 600,000 in 2010. Estimates superior to those of notaries and the branch network Century 21.

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The property "become the main source of investment growth," said Zhang Liqun, an economist with the think-tank, in a report published Friday in the China Economic Times, a newspaper that publishes all research center. Investments in this sector are expected to jump 30% to 40%. Inflation, which feeds a lot of concern among analysts, should be contained below 3%.

Mr.Zhang also provides for a resumption of exports, which depends on the Chinese economy, which had declined in 2009. For his part, Minister of Commerce Chen Deming, recalled earlier in the week a foreign trade up 10% to 15% in 2010.

These estimates are supported by the leading indicators of economic conditions, past the green for several months already. The index of purchasing managers has reached 56.6 in December, registering its highest level in twenty-two months. Above 50, the index indicates an expansion of production.

Concerns about credit

In the third quarter of last year, China's economy recorded 8.9% growth. Even in 2008, which saw the economic slowdown begin has not broken a positive revision of growth figures – like previous years.The National Bureau of Statistics announced a correction of + 0.6% of the increase in gross domestic product (GDP) in 2008 to 9.6% after a reassessment of the place of service sector growth.

For 2010, the Chinese machine should not make a break. President Hu Jintao called for continued rapid economic development and stable, when television delivered his vows December 31. Most analysts expect growth to exceed that of 2009. The Asian Development Bank on a table and GDP growth of 8.9%, against 9% for the International Monetary Fund and 9.3% for the Economist Intelligence Unit.

But challenges remain unchanged. Faced with the explosion of credit in 2009, which helped finance the generous recovery plan, the Chinese Premier did not hide some concerns."It is good that our bank loans are more balanced, better structured and to a lesser extent," confided Wen Jiabao to the official news agency Xinhua last weekend. He asserted, however, want to maintain the stimulus to avoid the risk of jeopardizing the country's development. In 2010, Beijing will need more than ever think about a way of sustainable growth for the drafting of the new five-year plan, covering the period 2011-2015.

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During a speech about three quarters of an hour, the head of state said that economic policy led by France during the crisis was "good", but it should continue to vigilant. "When we see that France has the smallest recession, we still must honestly say that economic policy is conducted for something," he said.Point by point, he defended the recovery plan: the bailout of banks' not a euro cost to taxpayers, "the premium breaks that" has benefited 500,000 vehicles or the creation of ombudsman credit allowed to "save 160,000 jobs" …

But Nicolas Sarkozy, "the time is not complacency, while unemployment continues to rise. "This is not because the economic indicators are improving that the crisis is behind us," he said. As such, he called to act soberly, avoiding both over-react "or" under-react. "

Regarding the economic outlook for the current year, Nicolas Sarkozy said that French GDP would decline from 2 to 2.1% in 2009. The forecast growth of government is currently -2.25% and the economy minister, Christine Lagarde, had mentioned last week a decline of 2.2%.

Eliminating the excesses of capitalism

Regarding the appointment of Michel Barnier at the French post of European Commissioner for Internal Market, which will also support financial services, the Head of State said that it would promote a European financial model as opposed to Anglo-Saxon. "The crisis has come adrift of Anglo-Saxon, I want the world to win the European model that has nothing to do with the excesses of financial capitalism," he said. Last Saturday, before the national council of the UMP, he welcomed the appointment of Michel Barnier, calling it a "triumph" of French ideas in regulation.